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The search for Do Kwonâs whereabouts continues.
After it was reported by The Crypto Basic that South Korean prosecutors had issued an arrest warrant for TerraForm Labs (TFL) founder Do Kwon, believed to be in Singapore, Singapore police on Saturday disclosed that Kwon is no longer in the country, with South Korean prosecutorsasserting that the Terra founder is on the run.
Local media outlet Hankyung writes:
âIt is considered that Do Kwon left Singapore at the end of AprilâŠ
Prosecutorâs Office: Tera Kwonâs escape is evidentâŠâ
Hankyung further notes:
âThe prosecution when started a forced investigation, such as a search and seizure; Kwon did not cooperate with the investigation, and around August appointed a lawyer and said that he did not intend to appear immediately at the prosecution.â
An official from the prosecution says, âThere was absolutely no room for cooperation with Kwon when he lied that he was fully cooperating with government agencies.â
Terraform Labs CEO Kwon, whose whereabouts are currently unknown abroad, denied the escape rumors, but the prosecution refuted Kwonâs claim, saying, âIt is clear that he escaped.â
In May, Kwon and his family departed for Singapore. At the same time, most of Terraform Labsâ financial-related key figures were also reported to have departed to the same country.
It is worth mentioning that South Korean prosecutors issued an arrest warrant for Terra founder Do Kwon and five other TFL employees last Wednesday. Prosecutors, as per the report, elaborated that the charges against Kwon and his colleagues involve violations of the Capital Market Act. According to Singapore police, Terraâs founder is no longer in Singapore.
The above response from the South Korean investigators came when Kwon took to Twitter to reject claims that he was on the run moments after the Reuters report on Saturday indicating he had fled Singapore as South Korean prosecutors moved to revoke his passport. According to Kwon, he was not on the run.
Kwon claimed to fully cooperate with any authorities that have indicated an interest in communicating. He added that his location is his private business, asserting that he and other Terraform Labs (TFL) employees involved have held themselves to high standards and are working to defend themselves, but prosecutors denied all these claims.
It is worth noting that Do Kwon is under investigation in South Korea for possible wrongdoing leading up to the Terra ecosystem collapse in May that wiped off over $40 billion of LUNA and TerraUSD investor funds. Notably, South Korean authorities question the timing of Kwonâs departure to Singapore and the closing of Terraâs Korean arm in April, just before the collapse. Meanwhile, he is investigating for issuing unregistered security in the US.
Additionally, Kwon and TFL face multiple class action lawsuit in both jurisdictions from disgruntled investors who suspect foul play. Kwon, on his part, has consistently denied any wrongdoing, repeatedly asserting that he worked according to his convictions with no plans to defraud investors.
However, most crypto investors have lost faith in the once influential founder. This much is clear in the quote tweets in response to Do Kwonâs claims that he is not on the run and is willing to cooperate with authorities.
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